Welcome to our dedicated page for Truist Financial Corporation news (Ticker: TFC), a resource for investors and traders seeking the latest updates and insights on Truist Financial Corporation stock.
Truist Financial Corporation (NYSE: TFC) is a leading U.S. commercial bank that was formed through the merger of BB&T and SunTrust in 2019. Headquartered in Charlotte, North Carolina, the company is committed to inspiring and building better lives and communities through a comprehensive range of financial services. With a rich history dating back 275 years from its legacy banks, Truist serves approximately 12 million households across high-growth markets in the country.
Truist offers a wide array of services including retail, small business, and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. As the sixth-largest commercial bank in the U.S., Truist is a key player in these sectors.
Recent Achievements and News:
- On March 7, 2024, Truist Securities announced the addition of highly ranked analyst Jamie Cook as a managing director, expanding its equity research coverage in the industrials sector.
- On March 28, 2024, Truist Financial Corporation announced it would report its first-quarter 2024 financial results before the market opens on April 22, 2024.
- On April 4, 2024, the Truist Foundation released its 2023 Impact Report, showcasing its efforts in building career pathways and strengthening small businesses for economic mobility.
- On April 8, 2024, Sheffield Financial, a division of Truist Bank, renewed its long-term retail financing agreement with BRP US Inc., reaffirming their commitment to providing competitive financing options.
- On May 7, 2024, Truist completed the sale of its remaining stake in Truist Insurance Holdings to an investor group led by private equity firms, significantly enhancing its financial profile.
Truist is focused on leveraging technology and innovation, as evidenced by its investment in new technologies and recent strategic partnerships. The company's robust financial condition has enabled it to make significant investments in its core banking businesses and community-driven initiatives.
With an emphasis on collaborative culture and client service, Truist continues to expand its expertise and capabilities, aiming to deliver differentiated content, execution, and value for its clients. For more information, visit Truist.com.
Sheffield Financial, a division of Truist Bank (TFC), has announced a new nationwide retail financing partnership with Scarab, a manufacturer of high-performance jet-powered boats. The collaboration will provide Scarab customers with competitive financing options through authorized dealers across the United States.
The partnership leverages Sheffield's 32-year experience in consumer financing and integrates their advanced prequalification technology, allowing customers to check their eligibility without impacting their credit score. The agreement includes mobile-friendly online prequalification, simple online loan contracting, and competitive financing terms.
Sheffield's financing tools will be integrated across various marketing platforms, including dealer websites, social media, and emails, streamlining the boat purchasing process for both first-time and experienced buyers.
Truist Financial (NYSE: TFC) announced the release of its fourth quarter 2024 financial results. The company has scheduled a live earnings call for investors at 8 a.m. ET, accessible via webcast or dial-in. The complete earnings release, investor presentation with non-GAAP reconciliations, and detailed financial schedules are available on Truist's Investor Relations website. A replay of the call will remain accessible on the website for 30 days.
Truist Foundation has announced a partnership with the Center for Disaster Philanthropy to provide over $20 million in disaster recovery grants for Western North Carolina following Hurricane Helene's devastating impact in September 2024. The hurricane caused damage to over 250,000 homes across 39 counties, with economic impacts reaching $53 billion.
The initiative is part of Truist Cares for Western North Carolina, a three-year, $725 million commitment focusing on housing and small business recovery. The program includes new loan capital, impact capital from Truist Community Capital, and philanthropic giving. The Foundation will also provide grants to The Community Foundation of Western North Carolina's Emergency and Disaster Response Fund and the American Red Cross for long-term recovery programs.
Truist Financial (NYSE: TFC) has scheduled its fourth-quarter 2024 earnings release and conference call for Friday, January 17, 2025. The financial results will be released before market opens, followed by a conference call at 8 a.m. ET hosted by CEO Bill Rogers and CFO Mike Maguire. Truist, a leading U.S. commercial bank with $523 billion in total assets as of September 30, 2024, maintains significant market share across high-growth markets nationwide. The company provides comprehensive financial services through its wholesale and consumer businesses, including consumer banking, commercial banking, investment banking, wealth management, and specialized lending.
Truist Financial (NYSE: TFC) announced it received an 'Outstanding' rating from the Federal Deposit Insurance (FDIC) for its Community Reinvestment Act (CRA) examination from 2020-2022. This rating reflects Truist's efforts to meet the credit needs of communities, including low- and moderate-income (LMI) neighborhoods.
During the period, Truist made 845,332 home mortgage, small business, and small farm loans totaling $151.9 billion, and originated 7,174 community development loans worth $16.1 billion—an increase of 304.6% and 154.7% respectively from the previous period (2017-2019). The company also made 6,143 qualified investments totaling $5.8 billion, with $4.4 billion supporting affordable housing.
Truist was the fourth-largest lender in the Paycheck Protection Program (PPP), funding $16.3 billion across 120,000 loans. The company launched the Truist Cares initiative in March 2020, providing over $50 million in aid. Additionally, it completed a three-year $60 billion Community Benefits Plan, delivering $75.4 billion in lending, investing, and philanthropic activities.
Truist Foundation, affiliated with Truist Financial (TFC), has released its Q4 2024 newsletter highlighting strategic investments in nonprofit organizations. The foundation focuses on two main areas: building career pathways to economic mobility and strengthening small businesses.
The foundation has donated $2.55 million for hurricane recovery efforts. Foundation President Lynette Bell participated in the Clinton Global Initiative's roundtable on Corporate Philanthropy, while SVP Sara Manning discussed disaster recovery at the Association of Corporate Citizenship Professionals conference.
The foundation has also announced the opening of applications for this year's Inspire Awards, and President Lynette Bell was recognized with the UNCF Women Who Lead Award.
Truist Financial (NYSE: TFC) announced that Chairman and CEO Bill Rogers will present at the Goldman Sachs 2024 US Financial Services Conference on December 10, 2024, at 10:40 a.m. ET in New York City. The presentation will be available via live audio webcast on ir.truist.com, with a 30-day replay option.
Truist is a purpose-driven financial services company and leading U.S. commercial bank with $523 billion in total assets as of September 30, 2024. Headquartered in Charlotte, North Carolina, the company provides comprehensive financial services including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending services.
Truist Financial (NYSE: TFC) announced the retirement of Vice Chair and Chief Risk Officer Clarke R. Starnes III after a 42-year career. Brad Bender, a 20-year company veteran, will succeed Starnes as chief risk officer, reporting directly to CEO Bill Rogers. Bender, who most recently served as interim chief information officer, will oversee credit, market, capital, liquidity, operational, compliance and technology risk, as well as regulatory relations, ethics and financial crimes functions. Starnes will remain in an advisory capacity to ensure a smooth transition.
Lincoln Property Company has been appointed as the exclusive real estate provider for TIH, the seventh largest insurance brokerage in the US. Starting July 1, 2024, Lincoln's Corporate Advisory & Solutions group will manage TIH's entire real estate portfolio, providing services including portfolio optimization, strategy development, project management, and lease administration. This expands Lincoln's existing role of maintaining TIH's facilities and engineering services at over 200 locations spanning 2 million sq. ft. since January 2024. The partnership follows TIH's sale from Truist Financial to Stone Point Capital and CD&R in May 2024.
Azimuth has announced an expansion of its strategic partnership with Truist Financial Corp (NYSE: TFC) through a multi-year agreement. Truist will implement Azimuth's VALIDATOR software to deploy automated, full-population compliance monitoring across multiple consumer businesses. The partnership, which began in December 2021 with an investment from Truist Ventures, will enhance comprehensive monitoring capabilities and simplify data analysis for reporting. The implementation aims to improve efficiencies and reduce costs in Truist's compliance efforts.
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